There is a growing trend in Europe. The trend of real estate development companies owning and managing their own rental property as a part of their portfolios is becoming increasingly prevalent in Europe, particularly in Northern European markets.
Case in point, the property developer Triple Net Capital. It has a strong record of bringing thousands of apartments to market in the past five years.
Besides their main activity as a developer, they run a rental complex of four well-located buildings. It has 136 rental apartments and a 300-bed hostel near an international airport in a metro area. Thus, they offer short-, mid-, and long-term rentals in one property.
"Triple Net's main focus is not rental property but real estate development. In the beginning of 2020 we created the Krati Quarter and have managed it as part of our portfolio ever since. Initially, we used a property management partner but with Bidrento we can manage the entire complex in-house besides our main activities," - Riina Altpere, Triple Net Capital
Managing short-term and long-term rental property together
We sat down with Riina Altpere from Triple Net's team. Her hospitality background and experience with Triple Net give her a unique perspective. We discussed how, for three years, Bidrento has helped Triple Net's team manage their rental property portfolio in-house with ease. The points we covered include:
- How to manage rental properties optimally when they are not your main focus.
- How to make your rental properties a more attractive long-term asset.
- What type of tech should you choose to save time and money?
"Since we want to optimize our vacancy rate, we offer short-term rentals alongside long-term rentals in the Krati Quarter. This mixed approach can increase management overhead. Reducing the overhead was one of our main challenges that Bidrento solved, " - Riina Altpere, Triple Net Capital
What developers want from rental properties
Rental property is a small part of a typical developer's portfolio. So, the goal is to simplify management.
- Take less time to manage.
- Optimise cash flow and day-to-day operations.
- Increase long-term value.
The key detail is that you must do that while managing various tenants and many buildings. Managing daily operations across 10+ apps and Excel quickly becomes a nightmare.
You need one platform to handle it all. Here's how Triple Net Capital achieved that by using Bidrento's rental property software.
"We get a lot of different tenants. People from abroad and locally stay with us for short or mid-term for various reasons, including work travel. Bidrento allows our small team to manage all these people passing through, their guest experience, information, and payments smoothly besides our daily jobs." - Riina Altpere, Triple Net Capital
An All-in-One Software Makes All the Difference
There are a lot of rental property management CRMs out there. For Riina, Bidrento was the only one that delivered on that promise of simplicity at every level:
- A comprehensive set of features and integrations.
- Be intuitive for the property manager.
- Offer a super-simple tenant experience.
A comprehensive set of features and integrations
Riina mentioned that your rental property software should come into play before you start operating. There is a clear reason for that: integrations. Riina gives a good tip: make sure your property software integrates with your other systems, from access control to extra services.
"We built smart access systems into the complex from the start. However, for that access system to work as intended, you still need a lot of other connecting parts and a central tool to manage it all. For us, that is where Bidrento came in," - Riina Altpere, Triple Net Capital.
Beyond integrating with other systems, here are three "must-have" features she highlighted:
- A CRM for handling contacts and tenant information.
- Automated invoicing avoids routine manual work.
- Reports and dashboards for KPIs and main metrics.
Intuitive for the property manager
"If I ever need to know what is happening in our buildings, one look with Bidrento and I have the answer," – Riina Altpere, Triple Net Capital
Magically intuitive. That, in a word, describes the experience of using Bidrento for a property manager. Its user interface feels familiar and easy to use from the first touch.
For Riina, another important factor was that adjusting to using Bidrento was seamless and felt natural.
"The quick and professional Bidrento's customer support and access, make me feel valued as a customer," – Riina Altpere, Triple Net Capital
Super simple tenant experience
Riina's work in accommodation management taught her to make tenancies very simple for tenants. They must be easy to start and end. That is, the tenant experience should reflect a hotel's guest experience.
To that end, the online booking and smart access solutions they use on-site are both seamlessly integrated with Bidrento. That's where choosing good property management software early on pays off.
"With Bidrento, I can take the best practices of long-term rental properties and combine that with my experiences in hospitality. As a result, we can make booking your stay, entering and leaving the complex securely as comfortable as possible, " – Riina Altpere, Triple Net Capital
As a tenant, that means you can book online, enjoy keyless entry, and use simple automated invoicing.
The upside is clear: increased revenue per tenant and a higher likelihood of repeat visits from tenants. Specifically, short and mid-term stays from tenants travelling to metro areas for work.
Planning for an exit: more value now and in the future
For real estate developers, an exit strategy is a mandatory part of their long-term planning for each project.
Rental property management is not an exception.
Riina says that automation and Bidrento system usage make the property more attractive to buyers and investors. It cuts costs and meets potential new owners' demands for modern, low-touch management.
The benefit? A well-run property with low overhead can be a more attractive acquisition target, even in a down market.
Simplify your property management with Bidrento
Are you tired of juggling many tasks just to manage your rental properties? Imagine if there was a way to make everything simpler — making your job easier while also boosting your property's value and appeal.
The real magic lies in Bidrento enabling you to offer short-term and long-term rentals together in one property or portfolio. You can improve your vacancy rates, cash-flow, and tenant experience with minimal additional management overhead in one go.
With Bidrento's all-in-one property management software, you can do just that! Make your work easier, reduce costs, and make your properties more appealing to potential investors — all in one place.
Book a free demo today and see how easy it is to take your property management to the next level.
